NLP in Europe would witness market growth of 19.7% CAGR and is expected to reach US$35.1 billion by 2026. Growing demand for improved customer experience, increasing use of smart devices, and rising number of choices in application areas are likely to drive the growth of the natural language processing market. In addition, growing investments in the healthcare industry, rising deployment of cloud-based and web business applications along with growing machine-to-machine technologies are further fuelling the growth of the natural language processing market. Demand for the natural language process in Europe is expected to witness an increase with a surging need for professional services across the globe. Natural language processing is an easily deployable cloud solution and cost-effectiveness makes it more preferable for professional services.
The IIoT drives the industry's unprecedented disruption that has been hampered by a shortage of skilled workers. The software is also expected to help the industry's cost-effectiveness. The implementation, development, road map infrastructure, security management, and data capture and analysis require technical skills. Experienced developers who are well versed in various applications' types, languages, and mechanisms are important for NLP implementation. Such a trained professional is lacking across industries. A costly process involving technological and non-technical resources and complexities is the transition from the current legacy system to SaaS platforms. The lack of cloud computing migration awareness also contributes to multiple migration failures in achieving organizational goals. Such challenges of modernizing existing legacy systems and the high cost of technology migration impede the growth of the studied market.
The natural language processing (NLP) market has grown immensely as artificial intelligence and machine learning technologies are increasingly being applied. NLP technology assists computers in understanding and processing human languages that are naturally spoken. Combined with machine learning, NLP technology reads, deciphers, recognizes, and makes sense of human speech and turns it into a computer-readable form. The NLP has a variety of applications including language translation applications like Google Translate, interactive voice response (IVR) applications that are used in call centres to respond to requests from certain users, and much more.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.